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27/12/2012 14:29 AST
The yen tumbled to a more than
two-year low against the dollar and a 16-month trough versus the
euro on Wednesday after Japan's new prime minister repeated his
vow to battle deflation and a strong Japanese currency.
Expectations that Shinzo Abe, who took office on Wednesday,
will force the Bank of Japan to ease monetary policy further
have caused steep losses in the yen, putting it on track for a
drop of more than 10 percent this year, the biggest since 2005.
Trading volume was thin as many global financial centers
remained closed for the Christmas holiday. All G10 markets
except Japan were closed on Tuesday, with only Japanese and U.S.
markets open on Wednesday.
Abe promised aggressive monetary easing by the Bank of Japan
and big fiscal spending by the debt-laden government to fight
deflation and weaken the yen to make Japanese exports more
competitive. Investors will wait to see if the talks will be
backed by policy action.
"Since the yen's sharp sell-off has come mostly from
jawboning on the part of Mr. Abe, the yen could soon find its
scope for further depreciation may slow in the absence of policy
initiatives by the country's new administration," said Joe
Manimbo, senior market analyst at Western Union Business
Solutions, in Washington.
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Reuters
US Dollar | 1.00 |
Saudi Riyal | 3.75 |
Derham Emirati | 3.67 |
Qatari Riyal | 3.65 |
Kuwaiti Dinar | 0.30 |
Bahraini Dinar | 0.38 |
Omani Riyal | 0.39 |
Euro | 0.81 |
British Pound | 0.71 |
Japanese Yen | 104.70 |
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